CTA Case No. 1825 (Decision)

,.-.- .. <tEPUIILIC OF THE PHILIP1'INEI OOURT OF 'l'AX APP.EALI ~:DIan �� f- ... cl~ ~ \ ( 11 i 1 r , �~ >.f I - � ... � ., ,~ 2 6 0

.. �� � �� �� � � ,~ 2 61

8 ����� � I

. '' �� '� .Percenta ge 263

.... c:~ .. r � /" '- I.., 1< J. 264

I ... . of - .f 2 6 5

) .. � 266

�, ' .... ._�(} ._ ,,\.(;~ .... � � ...........,... }, t istence of fraud . Tbis is so because the he~ring 2-67 :.

... i. .. 7' ) ' ;' 268

. ~� 269

) 270 �

,� , 271

' - ... 0 �~ :t't' 1 ""-~ -....�.... ,...��1:.,)tt~" T1 t .I "�' '- �* � \'1 '. 1 "': f r: ~'l: t'" vy,. (..) t:" :} .... �� 1r -1 -� J / 27 2

\ I � .. ' �. ..~ ~ t 1 CK. el~! .. .,,r ,. ~ tJ ., :.r ~ c _.... ...�. " ;'., ,, �t ..t~ -~ l'f':\ .... . & ,,,. ltl ... ... (' .. ' (' :; : ll.~' .. :u .. ,I;.f n ;�t � ..... . .. It�-: ' ... ' ' 27 3

... �� l� "'� � I � .... , . 274

0 ) l �� 1 .. .. 25

� - . ,_ ' _) .. - � ' ,, .. ( 27 6 \

r - 1. � 1 I� " 277